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QWLD vs. QUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QWLD vs. QUS

Last updated Jul 14, 2026
Documentation

QWLD (SPDR MSCI World StrategicFactors ETF) and QUS (SPDR MSCI USA StrategicFactors ETF) are both Large Cap Growth Equities funds from State Street - QWLD tracks the MSCI World Factor Mix A-Series (USD) while QUS tracks the MSCI USA Factor Mix A-Series Capped (USD). Both are passively managed. Over the past 10 years, QWLD returned 11.54%/yr vs 13.50%/yr for QUS. Their correlation of 0.81 suggests significant overlap in exposure. QWLD charges 0.30%/yr vs 0.15%/yr for QUS.

Performance

QWLD vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI World StrategicFactors ETF (QWLD) and SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QWLD achieves a 8.08% return, which is significantly lower than QUS's 9.05% return. Over the past 10 years, QWLD has underperformed QUS with an annualized return of 11.54%, while QUS has yielded a comparatively higher 13.50% annualized return.

QWLD

1D
-0.16%
1M
1.24%
6M
5.87%
YTD
8.08%
1Y
16.23%
3Y*
15.44%
5Y*
9.90%
10Y*
11.54%

QUS

1D
-0.05%
1M
1.92%
6M
7.09%
YTD
9.05%
1Y
17.46%
3Y*
16.78%
5Y*
10.91%
10Y*
13.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QWLD vs. QUS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QWLD
SPDR MSCI World StrategicFactors ETF		8.08%17.93%14.44%19.59%-13.30%21.57%10.24%27.59%-7.02%22.44%
QUS
SPDR MSCI USA StrategicFactors ETF		9.05%14.13%18.99%21.78%-14.15%26.72%12.40%32.45%-3.66%21.67%

Correlation

The correlation between QWLD and QUS is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.94

Correlation (5Y)
Calculated over the trailing 5-year period

0.95

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2015

0.81

The correlation between QWLD and QUS shifts across timeframes, from 0.81 (all time) to 0.95 (5 years), reflecting how their relationship changes across market environments.

QWLD vs. QUS - Sectors Allocation Comparison

Sectors
QWLD
QUS

Technology

25.3%
29.2%

Financial Services

14.6%
14.0%

Healthcare

12.9%
13.4%

Industrials

8.5%
8.2%

Communication Services

8.4%
9.9%

Consumer Defensive

7.2%
8.7%

Consumer Cyclical

5.2%
5.5%

Utilities

3.8%
3.4%

Energy

2.6%
4.2%

Basic Materials

2.3%
2.2%

Real Estate

0.7%
1.3%

Technology

QWLD
25.3%
QUS
29.2%

Financial Services

QWLD
14.6%
QUS
14.0%

Healthcare

QWLD
12.9%
QUS
13.4%

Industrials

QWLD
8.5%
QUS
8.2%

Communication Services

QWLD
8.4%
QUS
9.9%

Consumer Defensive

QWLD
7.2%
QUS
8.7%

Consumer Cyclical

QWLD
5.2%
QUS
5.5%

Utilities

QWLD
3.8%
QUS
3.4%

Energy

QWLD
2.6%
QUS
4.2%

Basic Materials

QWLD
2.3%
QUS
2.2%

Real Estate

QWLD
0.7%
QUS
1.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR MSCI World StrategicFactors ETF

SPDR MSCI USA StrategicFactors ETF

Often compared with QWLD:
QWLD vs. URTHQWLD vs. DGTQWLD vs. VTQWLD vs. SPGMQWLD vs. VWICXQWLD vs. JPGL.LQWLD vs. QVML
Often compared with QUS:
QUS vs. IVVQUS vs. QUALQUS vs. JQUAQUS vs. SPYQUS vs. VOOQUS vs. DGTQUS vs. BERZ

Return for Risk

QWLD vs. QUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QWLD
QWLD Risk / Return Rank: 6262
Overall Rank
QWLD Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
QWLD Sortino Ratio Rank: 6666
Sortino Ratio Rank
QWLD Omega Ratio Rank: 6262
Omega Ratio Rank
QWLD Calmar Ratio Rank: 5353
Calmar Ratio Rank
QWLD Martin Ratio Rank: 6464
Martin Ratio Rank
QUS
QUS Risk / Return Rank: 7474
Overall Rank
QUS Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
QUS Sortino Ratio Rank: 7676
Sortino Ratio Rank
QUS Omega Ratio Rank: 7474
Omega Ratio Rank
QUS Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUS Martin Ratio Rank: 7676
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QWLD vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World StrategicFactors ETF (QWLD) and SPDR MSCI USA StrategicFactors ETF (QUS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

QWLDQUSDifference
Sharpe ratioReturn per unit of total volatility
1.68
1.92

-0.24

Sortino ratioReturn per unit of downside risk
2.41
2.72

-0.31

Omega ratioGain probability vs. loss probability

1.30

1.35

-0.05

Calmar ratioReturn relative to maximum drawdown

2.13

2.56

-0.43

Martin ratioReturn relative to average drawdown

9.15

11.30

-2.15

QWLD vs. QUS - Sharpe Ratio Comparison

The current QWLD Sharpe Ratio is 1.68, which is comparable to the QUS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of QWLD and QUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QWLD vs. QUS - Drawdown Comparison

The maximum QWLD drawdown since its inception was -31.89%, smaller than the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for QWLD and QUS.

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Drawdown Indicators

QWLDQUSDifference

Max Drawdown

Largest peak-to-trough decline

-31.89%

-33.78%

+1.89%

Max Drawdown (1Y)

Largest decline over 1 year

-7.66%

-6.85%

-0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-12.40%

-13.94%

+1.54%

Max Drawdown (5Y)

Largest decline over 5 years

-22.84%

-22.30%

-0.54%

Max Drawdown (10Y)

Largest decline over 10 years

-31.89%

-33.78%

+1.89%

Current Drawdown

Current decline from peak

-0.16%

-0.05%

-0.11%

Average Drawdown

Average peak-to-trough decline

-3.68%

-3.67%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.78%

1.55%

+0.23%

Volatility

QWLD vs. QUS - Volatility Comparison

SPDR MSCI World StrategicFactors ETF (QWLD) and SPDR MSCI USA StrategicFactors ETF (QUS) have volatilities of 2.45% and 2.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QWLDQUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.45%

2.51%

-0.06%

Volatility (6M)

Calculated over the trailing 6-month period

7.81%

6.93%

+0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

9.72%

9.15%

+0.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.52%

14.33%

-0.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

16.39%

-1.28%

QWLD vs. QUS - Expense Ratio Comparison

QWLD has a 0.30% expense ratio, which is higher than QUS's 0.15% expense ratio.

Dividends

QWLD vs. QUS - Dividend Comparison

QWLD's dividend yield for the trailing twelve months is around 1.81%, more than QUS's 1.28% yield.

PositionTTM20252024202320222021202020192018201720162015
QUS
SPDR MSCI USA StrategicFactors ETF		1.28%1.38%1.49%1.57%1.68%1.27%1.73%1.81%2.12%1.86%2.07%1.48%
QWLD
SPDR MSCI World StrategicFactors ETF		1.81%1.85%1.74%1.78%2.02%1.77%1.77%2.13%2.33%2.73%2.22%3.42%

Frequently Asked Questions

With a correlation of 0.94, QWLD and QUS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

QUS has higher volatility (2.51%) compared to QWLD (2.45%). In terms of maximum drawdown, QWLD dropped -31.89% vs QUS's -33.78%.

On 10-year performance, QUS leads with 13.50% vs 11.54% for QWLD. On fees, QUS is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUS has performed better with a 13.50% return vs 11.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUS is cheaper with a 0.15% expense ratio, compared with 0.30% for QWLD.

QWLD has the higher dividend yield at 1.81%, compared with 1.28% for QUS.

QWLD tracks MSCI World Factor Mix A-Series (USD), while QUS tracks MSCI USA Factor Mix A-Series Capped (USD). Their fees differ too: 0.30% for QWLD and 0.15% for QUS.

QUS currently has the higher Sharpe Ratio (1.92 vs 1.68), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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